People, skills and legislation play a key role in our state’s economic development.

Michigan is a great place to live and work, however, our economy could use a boost. According to Bridge Michigan, the mitten state is among the bottom-half of states when it comes to economic growth, despite 12 years of gains.

One of the biggest barriers to improving economic performance is labor. The Bureau of Labor Statistics reports that Michigan had 191,000 fewer people in the workforce in November 2021 compared to two years prior. Additionally, the 100,000 residents who plan to retire in the next ten years will make this figure grow.

Another consideration for the future is that immigration is expected to help partly fill this worker gap. MLive reports, that Michigan added 201,218 new immigrants in the last decade.

How to improve economic performance

Business Leaders for Michigan agree that we must develop talent and invest in growth. To develop talent, they say we need to greatly increase growth in certifications and credentials; remove barriers to work with investments in childcare, broadband access and affordable housing; and improve the K-12 education system. Investing in growth calls for a long-term economic development strategy that includes workforce training programs to fill talent gaps and regional economic development funds.

Legislation that makes Michigan more competitive is helping too. In December 2021, a series of economic development bills that invest in business retention and attraction were signed into law by Governor Whitmer. Among these are the Michigan Strategic Site Readiness program and the Critical Industry Investment program.

The Michigan Economic Development Corporation says, “In 2021, Michigan put the world on notice as the place where technology and research and development are paired with a fierce work ethic and culture of innovation; as a state of Pure Opportunity, where we celebrate the risktakers and business owners who are the backbone of our economy. We showed that Pure Michigan is not just a scenic place – it is a state of mind, a destination and a way of life.”

A state of Pure Opportunity. That’s exactly what Michigan is!

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